Think twice about using a payday loan
- EFN Staff | February 11, 2015
Financial and Consumer
Affairs Authority of Saskatchewan (FCAA) wants to remind consumers that if you
want to borrow money from a payday loan lender, know the costs before making a
decision.
“Sometimes
people don’t have a lot of options when it comes to borrowing money,” FCAA
Consumer Credit Division Director Cory Peters said. “We want to make sure
that people are aware of the fees and re-payment timeframes that are associated
with payday loans.”
In
Saskatchewan, payday loan borrowers are charged up to $23 for every $100
borrowed. Loans are due on your next regular payday and loan agreements
must be in writing, dated and signed by the borrower.
Six
payday loan tips will be shared via twitter.com/SKGov and facebook.com/SKGov to
help people make informed decisions.
To
learn more about payday loans visit www.fcaa.gov.sk.ca/paydayloans2015.